People just don’t like being told that their idea needs more work – but the reality is that all ideas need more work and the more you expose the idea and the more issues you can address the greater the chances of success.

I’m reminded of the same issue in the investment world where 1 dollar/ pound lost is twice as painful as 1 dollar/ pound gained.

This is why it is more likely (but more painful) that you’ll make money betting against what most people do – because the investment decisions remain emotional.

The same is true of business. Once we’re into our idea – we find it really hard to let go …

… hence developing that skill early on is pretty crucial and is one of the reasons why making mistakes is so important – it teaches us that we are not omnipotent!

br
Neil

The one other thing I would suggest is ignoring the working capital. A business is started on a shoesrting, and they have enough money to last a few months. By the time they have worked out what aspects of their business will work, and what doesn’t, they have run out of money.

Related to this is the daft idea that hosting costs are static regardless of customers. If you have a hosting package for £20 a month, do you have enough bandwidth to service, not only the customers your planning to get, but also all the other visitors who have no intention of buying your service? The 1% rule kicks in here, and it goes over the heads to too many startups!

Secondly – I completely agree with the 2nd Item – But can we further develop it? for me this means the marketing approach needs to be directly linked to the product or business unique properties and qualities.

I reckon many non-marketers forget that marketing looks outside to customers and prospects but also looks inside to change the product and services too…

And yes, both of these cost money and need to be in the cost plan.

Br
Neil

I think number 2 hits the spot. In this day and age there is an overwhelming amount of evidence to state you will not be found if you don’t put the effort in to point people to where you are.

I think another business start-up mistake is not selling why you are different to your competitors. So you could be a hairdresser but why are you better than the hairdresser down the road or you could be selling organic cosmetics but why is the products you sell than the leading online stores. It’s about questioning what you can offer above and beyond your competitors, if you can’t think of one benefit you have over others in your niche market, than don’t start-up until you get one.